If you've got access to it, check John J . Donnelly and Bryce Towsley's "The Handloader's Manual Of Cartridge Conversions." I have a copy and it has served me quite well. On page 348 of my manual, they state:
.308, .30-06, .270 or any similar case may be cut to length, I.D. reamed and sized.
However, they do go on to say in the next sentence:
You should not have a problem finding commercial brass.
So to answer the question, YES, it can be done. Should you? Probably not. Thank you for asking the question 345, it is after all, the only way to find the answer!